April 21, 1990 |
Michael Milken, 43, may go to prison. Lowell Milken, 41, will go home. The government will drop two charges of racketeering and 11 counts of fraud against the unassuming family man who was indicted along with his famous older brother. The fate of Lowell apparently played a central role in the final negotiations between Michael Milken and federal prosecutors.
August 30, 2011
If all philanthropists were required to be morally upright, hospitals would be low on new wings and colleges would be starved for buildings. We'd also be missing a few beloved institutions outright — Stanford and Carnegie Mellon universities are cases in point. Charity is a virtue that should not be off-limits to scoundrels — if, in fact, they are truly giving to an institution rather than tethering their donations with strings that benefit them. Lowell Milken would probably be counted among the less pristine philanthropists, though not among the most scurrilous.
September 24, 1999 |
A New York judge on Thursday dismissed a lawsuit arising from claims made about a New York criminal defense lawyer in "Den of Thieves," the 1991 bestseller about the fall of junk bond king Michael Milken. Attorney Michael F. Armstrong had filed suit against the book's author, James B. Stewart, and publisher Simon & Schuster, alleging defamation. Armstrong was mentioned only briefly in the book.
March 19, 1991 |
The Securities and Exchange Commission took a long-expected step Monday and banned former Drexel Burnham Lambert junk bond chief Michael Milken from the securities industry for life. The SEC also imposed a permanent ban on his brother, Lowell. The orders were part of a settlement of SEC administrative charges pending against the two. Michael Milken, 44, earlier this month began serving a 10-year term at a minimum-security federal prison in Northern California.
June 16, 1989 |
"Junk bond" wizard Michael Milken officially ended his 20-year career at Drexel Burnham Lambert Inc. on Thursday and said he will launch his own financial consulting firm while he awaits trial on racketeering and securities fraud charges. Milken, 42, who has been on a leave of absence from Drexel since March 29, on Thursday submitted his resignation. In a telephone interview, he said his new firm, International Capital Access Group, would offer a wide range of consulting services consistent with his personal interests and his previous work at Drexel.
June 6, 1989 |
The U.S. Supreme Court removed the main legal hurdle that delayed Drexel Burnham Lambert Inc.'s announced plan to settle a Securities and Exchange Commission lawsuit and plead guilty to separate criminal charges. In a decision announced Monday, the court refused without comment to hear an appeal brought by Michael Milken, the former head of Drexel's "junk bond" department; his brother Lowell, and Pamela Monzert, another Drexel employee. Lawyers for Milken and the others had claimed that Milton Pollack, the 82-year-old federal judge presiding over the SEC lawsuit, had a conflict of interest and should be removed from the case.